dont give answer in image format P9-40A. Accounting for mortgages (Learning Objectives 5 & 6)Paiscik Corp. completed the following transactions in 2018:Jan 1Jun 30Dec 1313131Purchased a building costing $190,000 and signed a 10%, 15-year mortgagenote payable for the same amount.Made the first semiannual payment on the mortgage note payable.Signed a five-year lease to rent a warehouse for $7,000 per month due at the endof each month. The lease is considered an operating lease.Paid for one month's rent on the warehouse.Leased 8 copiers and signed a four-year lease with the option to buy the copiersat the end of the fourth year at a bargain price. Under terms of the lease, monthlylease payments do not start until January 31, 2020. The present value of the leasepayments is $32,000.Made the second semiannual payment on the mortgage note payable.Requirements1. Complete the following amortization schedule for the first four payments on the$190,000 mortgage note, assuming semiannual payments of $12,360. Roundamounts to the nearest dollar.DateJan 1, 2018Jun 30, 2018Dec 31, 2018Jun 30, 2019Dec 31, 2019Payment Interest Principal Loan Balance$190,000$12,3602. Record the journal entries for the 2018 transactions.3. Prepare the long-term liabilities section of the balance sheet on December 31,2018.

Journal Entries - An accounting record for a business uses a journal entry to document a commercial…

P9-40A. Accounting for mortgages (Learning Objectives 5 & 6) Paiscik Corp. completed the following transactions in 2018: Jan 1 Jun 30 Purchased a building costing $190,000 and signed a 10%, 15-year m note payable for the same amount. Made the first semiannual payment on the mortgage note payable. five-ve to ant warehouse for $7 per du

P9-40A. Accounting for mortgages (Learning Objectives 5 & 6) Paiscik Corp. completed the following transactions in 2018: Jan 1 Jun 30 Purchased a building costing $190,000 and signed a 10%, 15-year m note payable for the same amount. Made the first semiannual payment on the mortgage note payable. five-ve to ant warehouse for $7 per du

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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